Undergraduate Economics Program
Dennis Epple, Head of Economics
Carol B. Goldburg, Director of Undergraduate Economics
Program Office: Tepper School of Business, Room 139
E-mail: econprog@andrew.cmu.edu
Advising Appointment Online Scheduler: www.tepper.cmu.edu/econadvising
http://www.tepper.cmu.edu/undergraduate-economics
At its most fundamental level, economics is the study of how scarce resources are allocated. What will be produced and consumed, how much, and by whom? These questions, central to the well-being of people throughout the world, are the focus of economics. Economists identify, model, and analyze problems, developing meaningful solutions for the challenges confronting society. Economists are active participants in the processes and institutions through which the pressing concerns of society are addressed. Economists help businesses, political bodies, and other organizations make better decisions through the application of economic analysis, development of market strategies, promulgation of regulatory structures, and formulation of appropriate government policies. Increasingly, economists are taking advantage of new technologies to design and implement new markets and exchange mechanisms.
Carnegie Mellon University enjoys a rich history of innovative research in the field of economics. By bringing together rigorous theoretical and empirical work, the University supports some of the very best research. Eight of our past and present faculty have been awarded the Nobel Prize in Economics. In the classroom, we bring the same rigorous, innovative approach to enable our students to develop their talents and realize the potential of their tremendous analytical skills. Our students also benefit from a strong culture of interdisciplinary collaboration and exposure to a broad range of research.
The Undergraduate Economics Program has a unique position at Carnegie Mellon University. It is the sole undergraduate program that is a joint program of the Tepper School of Business and the Dietrich College of Humanities and Social Sciences. The combination of research strength (Tepper has been home to eight Nobel Laureates in Economics) and commitment to liberal arts and interdisciplinary studies (Dietrich has "the most creative general education program of any American university” – New York Times) provides our undergraduates with a world-class economics program.
Economics majors are considered members of both colleges and enjoy their full support and services of both. Undergraduate economics students should consult the program's website and handbook for details about applicable Tepper and Dietrich academic policies and procedures.
Educational Objectives
The Undergraduate Economics Program offers a range of degrees in economics designed to develop strong analytical skills and a solid foundation in the discipline of economics. More specifically, measurable objectives for our economics curriculum are the following:
- Students should be able to identify, explain, and use economic concepts, theories, models, and data-analytic techniques.
- Students should acquire and use knowledge of economics, mathematics, statistics, and computing flexibly in a variety of contexts, providing the foundation for success in graduate studies and careers in the public and private sectors.
- Students should be able to apply their economic tools to formulate positions on a wide range of social and economic problems and engage effectively in policy debates.
- Students should use the investigative skills necessary for conducting original economic research and participating effectively in project teams.
- Students should be able to deliver effective presentations in which they combine visual communication design with oral arguments and/or the written word.
Advising
The Undergraduate Economics Program is committed to providing students with the opportunity to have meaningful and informative discussions about their academic, intellectual, and career interests with a wide range of advisors and mentors. In college, advising meetings are not the same thing as "being sent to the principal's office in high school." Instead, these are extended discussions which may address both immediate and long-term interests, concerns, and desires/needs.
The economics curriculum is cumulative, higher-level courses build upon the foundations learned in the core course. This results in students needing to be aware of course-sequencing and the schedule of classes. Students are encouraged to meet frequently with their Undergraduate Economics Program academic advisor to ensure that their courses fulfill the requirements towards their degree and are appropriately sequenced. Historically, successful students typically checked-in with their advisor frequently and sought the advice of their academic advisor in selecting courses, pursuing additional degrees, and planning ahead for study abroad.
All students taking economics courses are invited to meet with an economics advisor. Students pursuing a degree in economics are assigned an economics advisor who meets with them on a regular basis.
To facilitate scheduling advising meetings, please use the online appointment scheduler found on the Undergraduate Economics Program's Advising Website (www.tepper.cmu.edu/econadvising).
Curricula
In order to accommodate students’ wide variety of goals, four primary degree programs are available: Bachelor of Arts in Economics, Bachelor of Science in Economics, Bachelor of Science and Mathematical Sciences (jointly administered by the Department of Mathematics and the Undergraduate Economics Program), and Bachelor of Science in Economics and Statistics (jointly administered by the Department of Statistics and the Undergraduate Economics Program).
The four major degree programs have been designed to provide students with a solid understanding of the central theories and analytical tools of the field of economics, while maintaining the flexibility necessary to meet the needs of a diversity of career paths. The four degrees produce strong analytical thinkers who are able to model and analyze complex problems. Graduates of the Undergraduate Economics Program gain employment as economic analysts in both the private and public sectors; pursue advanced professional degrees in business, law, and public policy; as well as enter into Ph.D. programs in economics, statistics, finance, and related fields.
First–year students are not expected to know which degree option they wish to pursue. For this reason, the first–year curricula are quite similar for the four degrees. As students become involved in their course work, participate in the extra– and co–curricular activities sponsored by the Undergraduate Economics Program, and talk with an economics advisor, the decision of which degree to pursue becomes evident.
For students who major in other academic fields, additional major programs in Economics and in Economics and Statistics and two minor degree program in Economics and in Innovation, Economics, and Entrepreneurship are available. Information about these degrees can be found following the discussions about the major curricula.
Major Degree Requirements and Sample Schedules
In addition to completing a minimum 360 units and fulfilling both the Dietrich General Education requirements and all University requirements, recipients of an undergraduate degree in economics must complete courses in mathematics, probability and statistics, writing, economic theory, and economic analysis, as well as a set of advanced electives and other specialized courses.
Following the list of requirements for each degree are sample four-year course schedules for a student pursuing undergraduate degrees in economics. As there are many different ways of completing the requirements, students are strongly encouraged to meet with an economics advisor to tailor their courses to their own particular needs. Students are responsible for ensuring that they understand all of the program requirements and that they meet the necessary conditions for graduation. When planning course schedules, students must give consideration to all prerequisite and co-requisite requirements.
B.A. in Economics
The B.A. in Economics curriculum is designed to provide students with a deep understanding of economic theory, quantitative economic analysis, and how economics can be used to solve current social problems. It is a goal of the degree program to have students develop an ability to observe and identify contemporary problems, and then provide solutions. Built into the degree is the opportunity to study political, historical, cultural, and social institutions from other CMU departments; these courses are referred to as "Special Electives". The advanced data analysis component of the B.A. in Economics Curriculum pays additional attention to ordinal data and the study of surveys.The capstone of the curriculum is the Senior Project course where students use their qualitative and quantitative skills to contribute to the body of knowledge in empirical, experimental, and/or theoretical studies.
B.A. in Economics Curriculum
Mathematics Prerequisites (19 units)
| Courses | Units | |
| 21-120 | Differential and Integral Calculus | 10 |
| 21-256 | Multivariate Analysis | 9 |
Sophomore Economics Colloquium (1 unit)
| Units | ||
| 73-450 | Economics Colloquium | 1 |
Writing Requirement (9 units)
| Units | ||
| 73-270 | Writing for Economists | 9 |
Economic Theory Requirements (27 units)
| Units | ||
| 73-100 | Principles of Economics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
Economic History Requirement (9 Units)
| Units | ||
| 73-310 | Evolution of Economic Ideas and Analysis | 9 |
Quantitative Analysis Requirements (54 Units)
| Units | ||
| 36-201 | Statistical Reasoning and Practice | 9 |
| or 36-207 | Probability and Statistics for Business Applications | |
| or 70-207 | Probability and Statistics for Business Applications | |
| 36-202 | Statistical Methods | 9 |
| or 36-208 | Regression Analysis | |
| or 70-208 | Regression Analysis | |
| 73-407 | Fundamentals of Statistical Modeling | 9 |
| 36-303 | Sampling, Survey and Society | 9 |
Advanced Economics Electives (36 Units)
Students must take four advanced elective courses. Advanced elective courses are those numbered 73-300 through 73-495, as well as selected courses designated by the Program offered by other departments/programs. Additionally, students may work with their advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.
Special Electives (27 Units)
Students must take three special elective courses in the humanities and social sciences. The complete list of courses designated as special electives is maintained, revised, and published online each semester by the Undergraduate Economics Program. The list below is representative of the courses that qualify as "Special Electives;" this is not an exhaustive list of qualifying courses. In particular, the graduate courses from Heinz College which open to B.A. in Economics students are not presented.
Course List
| Representative List of "Special Elective" Courses | Units | |
| 79-221 | Development and Democracy in Latin America | 9 |
| 79-246 | Industrial America | 9 |
| 79-300 | History of American Public Policy | 9 |
| 79-305 | Juvenile Delinquency: Images, Realities, Public Policy, 1800-1967 | 9 |
| 79-335 | Drug Use and Drug Policy | 9 |
| 79-375 | China's Environmental Crisis | 9 |
| 79-386 | Entrepreneurs in Africa, Past, Present and Future | 9 |
| 80-130 | Introduction to Ethics | 9 |
| 80-136 | Social Structure, Public Policy & Ethics | 9 |
| 80-221 | Philosophy of Social Science | 9 |
| 80-235 | Political Philosophy | 9 |
| 88-260 | Organizations | 9 |
| 80-305 | Rational Choice | 9 |
| 80-321 | Causation, Law, and Social Policy | 9 |
| 80-348 | Health Development and Human Rights | 9 |
| 88-365 | Behavioral Economics and Public Policy | 9 |
| 88-387 | Social Norms and Economics | 9 |
| 88-412 | Economics of Global Warming | 9 |
Senior Work (9 Units; 18 Units for students working on an honors thesis in economics)
| Units | ||
| 73-497 | Senior Project | 9 |
| or 73-500 & 73-501 | Tepper College Honors Thesis I and Tepper College Honors Thesis II | |
| or 66-501 & 66-502 | H&SS Senior Honors Thesis I and H&SS Senior Honors Thesis II | |
Sample Schedule for B.A. in Economics
The sample schedule below is an illustration of how a student might plan their four-year schedule. This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading; and 2) room has been built into the schedule that would allow students to pick up additional degrees and/or study abroad. It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements. In fact, most economics students take more courses in their major than is strictly required.
| Freshman | Sophomore | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-120 Differential and Integral Calculus | 21-256 Multivariate Analysis | 73-240 Intermediate Macroeconomics | 73-270 Writing for Economists |
| 36-201 Statistical Reasoning and Practice | 36-202 Statistical Methods | 73-450 Economics Colloquium | 73-407 Fundamentals of Statistical Modeling |
| 73-100 Principles of Economics | ----- | "Special Elective" | Economics Elective |
| -----* | ----- | ----- | ----- |
| ----- | ----- | ----- | |
| ----- | |||
| Junior | Senior | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 73-310 Evolution of Economic Ideas and Analysis | 36-303 Sampling, Survey and Society | 73-497 Senior Project | Economics Elective |
| Economics Elective | Economics Elective | ----- | ----- |
| "Special Elective" | "Special Elective" | ----- | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
*In each semester, ----- represents courses that are not directly required for the major.
B.S. in Economics
The B.S. in Economics curriculum is designed to provide students with a deep understanding of economic theory and quantitative economic analysis. It is a goal of the degree program to have students develop an ability to observe and identify contemporary problems, and then provide solutions. In the advanced levels of the economic theory component degree, the foundations of modern economics are examined, using mathematically sophisticated models. The advanced data analysis component of the curriculum focuses on estimating economic relationships. The capstone of the curriculum is the Senior Project course where students use their qualitative and quantitative skills to contribute to the body of knowledge in empirical, experimental, and/or theoretical studies.
B.S. in Economics Curriculum
Mathematics Requirement (29 Units)
| Units | ||
| 21-120 | Differential and Integral Calculus | 10 |
| 21-122 | Integration, Differential Equations and Approximation | 10 |
| 21-259 | Calculus in Three Dimensions | 9 |
| or 21-256 | Multivariate Analysis | |
Sophomore Colloquium (1 Unit)
| Units | ||
| 73-450 | Economics Colloquium | 1 |
Quantitative Analysis Requirements (27 Units)
| Units | ||
| 36-225 | Introduction to Probability Theory | 9 |
| or 36-217 | Probability Theory and Random Processes | |
| or 21-325 | Probability | |
| 36-226 | Introduction to Statistical Inference | 9 |
| 73-363 | Econometrics | 9 |
Writing Requirement (9 Units)
| Units | ||
| 73-270 | Writing for Economists | 9 |
Economic Theory Requirements (39 Units)
| Units | ||
| 73-100 | Principles of Economics | 9 |
| 73-252 | Advanced Microeconomic Theory | 6 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 73-253 | Advanced Macroeconomic Theory | 6 |
Advanced Economics Electives (45 Units)
Students must take five advanced elective courses. Advanced elective courses are those numbered 73-300 through 73-495. For the purpose of these requirements, the Undergraduate Economics Program may also designate as advanced electives courses from other departments/programs. Additionally, students may work with their advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.
Senior Work (9 Units; 18 Units for students working on an honors thesis in economics)
| Units | ||
| 73-497 | Senior Project | 9 |
| or 73-500 & 73-501 | Tepper College Honors Thesis I and Tepper College Honors Thesis II | |
| or 66-501 & 66-502 | H&SS Senior Honors Thesis I and H&SS Senior Honors Thesis II | |
Sample Course Schedule for the B.S. in Economics
The sample schedule below is an illustration of how a student might plan their four-year schedule. This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading; and 2) room has been built into the schedule that would allow students to pick up additional degrees and/or study abroad. It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements. In fact, most economics students take more courses in their major than is strictly required.
| Freshman | Sophomore | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-120 Differential and Integral Calculus | 21-259 Calculus in Three Dimensions | 21-122 Integration, Differential Equations and Approximation | 36-226 Introduction to Statistical Inference |
| 36-201 Statistical Reasoning and Practice | 36-202 Statistical Methods | 36-225 Introduction to Probability Theory | 73-252 Advanced Microeconomic Theory |
| 73-100 Principles of Economics | 73-230 Intermediate Microeconomics | 73-240 Intermediate Macroeconomics | 73-253 Advanced Macroeconomic Theory |
| -----* | ----- | 73-450 Economics Colloquium | 73-270 Writing for Economists |
| ----- | ----- | ----- | Economics Elective |
| ----- | ----- | ||
| Junior | Senior | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 73-363 Econometrics | Economics Elective | 73-497 Senior Project | Economics Elective |
| Economics Elective | ----- | Economics Elective | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
*In each semester, ----- represents courses (not directly required for the major).
B.S. in Economics and Mathematical Sciences
The B.S. in Economics and Mathematical Sciences is a collaborative effort between the Department of Mathematical Sciences and the Undergraduate Economics Program. Combining advanced mathematics with advanced economic theory is the hallmark of this curriculum. The curriculum provides students with courses that complement and develop depth of understanding of economic theory, applied economics, and applied mathematics. This degree offers an integrated curriculum, guiding students through a program of coursework that exploits and builds upon the synergies between mathematics and economics. This degree program equips students with the mathematical tools that are essential for success in Ph.D. programs in economics; mathematics; and key functional areas of business including finance, accounting, marketing, and information systems. Students pursuing this degree will be well prepared for the beginning of their research careers in academia, government, and industry. There are a limited number of student opening in this program; interested students may apply as early as their sophomore year.
B.S. in Economics and Mathematical Sciences Curriculum
Economic Theory Requirements (39 Units)
| Units | ||
| 73-100 | Principles of Economics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 73-252 | Advanced Microeconomic Theory | 6 |
| 73-253 | Advanced Macroeconomic Theory | 6 |
Quantitative Analysis Requirements (36 Units)
| Units | ||
| 36-225 | Introduction to Probability Theory | 9 |
| or 36-217 | Probability Theory and Random Processes | |
| or 21-325 | Probability | |
| 36-226 | Introduction to Statistical Inference | 9 |
| 36-401 | Modern Regression | 9 |
| 73-363 | Econometrics | 9 |
Mathematical Sciences Requirements (93 Units)
| Units | ||
| 21-120 | Differential and Integral Calculus | 10 |
| 21-122 | Integration, Differential Equations and Approximation | 10 |
| 21-127 | Concepts of Mathematics | 10 |
| 21-228 | Discrete Mathematics | 9 |
| 21-241 | Matrices and Linear Transformations | 10 |
| 21-259 | Calculus in Three Dimensions | 9 |
| 21-260 | Differential Equations | 9 |
| 21-355 | Principles of Real Analysis I | 9 |
| 21-356 | Principles of Real Analysis II | 9 |
| 21-373 | Algebraic Structures | 9 |
Programming Requirement (9 Units)
| Units | ||
| 15-110 | Principles of Computing | 10 |
Writing Requirement (9 Units)
| Units | ||
| 73-270 | Writing for Economists | 9 |
Advanced Economic Electives (27 Units)
Students must take three advanced economics elective courses. Advanced Elective courses are those courses numbered 73-300 through 73-495, as well as courses designated by the Undergraduate Economics Program which are offered by other departments/programs. At least one of the courses must have Advanced Microeconomic Analysis or Advanced Macroeconomics Analysis as a prerequisite. Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.
Recommended Advanced Economics Electives:
| 73-310 | Evolution of Economic Ideas and Analysis | 9 |
| 73-347 | Game Theory for Economists | 9 |
| 73-392 | Financial Economics | 9 |
| 73-405 | Introduction to Dynamic Economics | 9 |
Mathematical Science Depth Electives (27 Units)
Students must take three advanced mathematics depth courses. Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.
Recommended Mathematical Science Depth Electives:
| 21-292 | Operations Research I | 9 |
| 21-329 | Set Theory | 9 |
| 21-365 | Projects in Applied Mathematics | 9 |
| 21-366 | Topics in Applied Mathematics | 9 |
| 21-371 | Functions of a Complex Variable | 9 |
| 21-374 | Field Theory | 9 |
| 21-441 | Number Theory | 9 |
| 21-484 | Graph Theory | 9 |
| 21-499 | Undergraduate Research Topic | 9 |
Note: Only one of the following three courses may count towards the required Mathematical Sciences Depth Electives: 21-365, 21-366, or 21-499.
Sample Course Schedule for the B.S. in Economics and Mathematical Sciences
The sample schedule below is an illustration of how a student might plan their four-year schedule. This schedule has been designed to highlight the following characteristics of the degree program: 1) the work load is roughly 45-50 units per semester, hence there is no need for course overloading; 2) room has built into the schedule that would allow students to pick up additional degrees and/or study abroad; and 3) the demands of this degree require students to carefully plan their degree program while keeping in mind the college-level and university-level graduation requirements. It is important for students to realize that degree requirements are the actually the "minimum" set of degree requirements. In fact, most economics students take more courses in their major than is strictly required.
| Freshman | Sophomore | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-120 Differential and Integral Calculus | 15-110 Principles of Computing | 21-122 Integration, Differential Equations and Approximation | 21-241 Matrices and Linear Transformations |
| 36-201 Statistical Reasoning and Practice | 21-259 Calculus in Three Dimensions | 21-127 Concepts of Mathematics | 36-226 Introduction to Statistical Inference |
| 73-100 Principles of Economics | 73-230 Intermediate Microeconomics | 36-225 Introduction to Probability Theory | 73-252 Advanced Microeconomic Theory |
| -----* | ----- | 73-240 Intermediate Macroeconomics | 73-253 Advanced Macroeconomic Theory |
| ----- | ----- | ----- | Economics Elective |
| ----- | |||
| Junior | Senior | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-260 Differential Equations | 21-355 Principles of Real Analysis I | 21-228 Discrete Mathematics | 21-373 Algebraic Structures |
| 73-270 Writing for Economists | Economics Elective | 21-356 Principles of Real Analysis II | Mathematics Elective |
| 73-363 Econometrics | Mathematics Elective | 36-401 Modern Regression | ----- |
| Economics Elective | ----- | ----- | ----- |
| Mathematics Elective | ----- | ----- | ----- |
*In each semester, ----- represents courses (not directly required for the major). Please note that students pursuing the B.S. in Mathematical Sciences and Economics must fulfill the Mellon College General Education requirements and not the Dietrich College General Education requirements.
The Major in Economics and Statistics
Faculty Advisor: Rebecca Nugent
Office: Baker Hall 132A
Email: acadcoord@stat.cmu.edu
The major in economics and statistics provides an interdisciplinary course of study aimed at students with a strong interest in the empirical analysis of economic data. Jointly administered by the Department of Statistics and the Undergraduate Economics Program, the major's curriculum provides students with a solid foundation in the theories and methods of both fields. Students in this major are trained advance the understanding of economic issues through the analysis, synthesis and reporting of data using the advanced empirical research methods of statistics and econometrics. Graduates are well positioned for admission to competitive graduate programs, including those in statistics, economics and management, as well as for employment in positions requiring strong analytic and conceptual skills - especially those in economics, finance, education, and public policy.
The requirements for the B.S. in Economics and Statistics are the following:
l. Prerequisites 66/76 units
Course List
1. Mathematical Foundations 39 units
| 21-120 | Differential and Integral Calculus | 10 |
| 21-122 | Integration, Differential Equations and Approximation | 10 |
| 21-256 | Multivariate Analysis | 9 |
| or 21-259 | Calculus in Three Dimensions | |
| 21-240 | Matrix Algebra with Applications | 10 |
| or 21-241 | Matrices and Linear Transformations | |
2. Economics Foundations 9 units
| 73-100 | Principles of Economics | 9 |
3. Statistical Foundations 18 units
| 36-201 | Statistical Reasoning and Practice * | 9 |
and one of the following:
| 36-202 | Statistical Methods | 9 |
| 36-208 | Regression Analysis | 9 |
| 36-309 | Experimental Design for Behavioral and Social Sciences | 9 |
| Or extra statistical elective** | ||
*Acceptable equivalents for 36-201 are 36-207 (70-207), 36-220 and 36-247
**Students who enter the program with 36-225/226 should discuss options with their advisors
II. Disciplinary Core 120/129 units
1. Economics Core 48 units
| 73-252 | Advanced Microeconomic Theory * | 6 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 73-253 | Advanced Macroeconomic Theory * | 6 |
| 73-270 | Writing for Economists | 9 |
| 73-363 | Econometrics | 9 |
*Mini Courses
2. Statistics Core 36 units
| 36-225 | Introduction to Probability Theory * | 9 |
| or 36-217 | Probability Theory and Random Processes | |
| or 21-325 | Probability | |
| 36-226 | Introduction to Statistical Inference * | 9 |
| 36-401 | Modern Regression * | 9 |
| 36-402 | Advanced Data Analysis | 9 |
*In order to be a major in good standing, a grade of C or better is required in 36-225 (or equivalents), 36-226 and 36-401. Otherwise you will not be allowed to continue in the major.
Advanced Electives 45 units
Students must take two advanced economics elective courses (numbered 73-300 through 73-495) and two advanced statistics elective courses (numbered 36-300 through 36-495). A fifth advanced elective is required and can be chosen from either statistics or economics.
Total number of units for the major 195 units
Total number of units for the degree 360 units
Sample Program
The following sample program illustrates one way to satisfy the requirements of the Economics and Statistics Major. Keep in mind that the program is flexible and can support other possible schedules (see footnotes below the schedule).
| Freshman | Sophomore | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-120 Differential and Integral Calculus | 21-259 Calculus in Three Dimensions | 21-122 Integration, Differential Equations and Approximation | 21-240 Matrix Algebra with Applications |
| 36-201 Statistical Reasoning and Practice | 36-202 Statistical Methods | 36-225 Introduction to Probability Theory | 36-226 Introduction to Statistical Inference |
| 73-100 Principles of Economics | 73-230 Intermediate Microeconomics | 73-240 Intermediate Macroeconomics | 73-252 Advanced Microeconomic Theory |
| -----* | ----- | ----- | 73-253 Advanced Macroeconomic Theory |
| ----- | ----- | ----- | ----- |
| Junior | Senior | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 36-401 Modern Regression | 36-402 Advanced Data Analysis | Statistics Elective | Economics Elective |
| 73-270 Writing for Economists | Statistics Elective | Statistics or Economics Elective | ----- |
| 73-363 Econometrics | Economics Elective | ----- | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
*In each semester, ----- represents other courses (not related to the major) which are needed in order to complete the 360 units that the degree requires.
Students who elect Statistics as a second major must fulfill all Statistics degree requirements. However, the Concentration Area requirement is usually waived in consultation with the student's advisor. Majors in many other programs would naturally complement a Statistics Major, including GSIA's undergraduate business program, Social and Decision Sciences, Policy and Management, History and Policy, and Psychology.
With respect to double-counting courses, it is departmental policy that students must have at least five statistics courses that do not count for their primary major. If students do not have at least five, they typically take additional advanced electives.
Students are advised to begin planning their curriculum (with appropriate advisors) as soon as possible. This is particularly true if the other major has a complex set of requirements and prerequisites.
Supplemental Programs
Honors Program in Economics
Outstanding students are eligible for the honors programs in both the Tepper School of Business and the College of Humanities and Social Sciences. For more information, consult the Dietrich Honors Program website.
The Tepper Senior Honors Program in Economics provides qualified students with the opportunity to engage in original research during their senior year at Carnegie Mellon. The primary rewards of participating in the Honors Program in Economics are three-fold. First comes the satisfaction of undertaking and completing an original piece of research. Working independently or with a faculty member to identify a research question and claim ownership of its discovery process is a rewarding experience. Second is the opportunity to challenge oneself intellectually. The third advantage is the opportunity to graduate with Tepper Honors. For many, this process of intellectual inquiry and knowledge creation is the highlight and culmination of their undergraduate academic experience.
Students are invited into the Tepper Senior Honors Program in Economics during their junior year. Invitation is based on academic achievement at Carnegie Mellon University, ability to work independently, and tenacity of spirit. In addition to writing an honors thesis, requirements for this program include: an approved selection of upper-level economic electives which include a minimum of two courses requiring Advanced Microeconomic Analysis and/or Advanced Macroeconomic Analysis as pre-requisites and participation in the Senior Honors Research in Economics Colloquium.
Accelerated Master’s Degree Programs
Accelerated Master’s Degree programs enable exceptional students to earn both an undergraduate degree and a masters degree by remaining one additional year at Carnegie Mellon. The Heinz College of Public Policy and Management offers four professional accelerated masters degree programs: a Master of Science in Arts Administration, Master of Science of Health Care and Policy Management, Master of Information Systems Management, and Master of Science in Public Policy and Management. The Tepper School of Business offers one accelerated professional degree, a Master in Business Administration. For more details, visit the Accelerated Master’s Degree Programs site on the Undergraduate Economics Program website.
Preparation for Ph.D. Programs
The Undergraduate Economics Program has been successful in preparing students for admission into the nation's most competitive doctoral programs. Students interested in pursuing a career in research are encouraged to meet with the Director of the Undergraduate Economics Program early in their undergraduate careers.
Dual Degree in Economics
A student pursuing a primary degree outside of the department may obtain a dual degree completing all of the requirements for the B.S. in Economics or the B.S. in Economics and Statistics. In addition, the student’s total units complete must be at least 90 units in excess of the requirement for the student’s other degree(s) or at least 450 units, whichever is greater. Interested students should meet with an economics advisor.
Additional Major in Economics Curriculum
All university students are eligible to pursue an additional major in economics in conjunction with a major in any department in the university other than economics.The requirements for the Additional Major in Economics are the same as those for the B.S. in Economics, except that the Dietrich College General Education requirements are waived. In order to avoid “double counting” issues, students are encouraged to meet with an economics advisor. When courses are shared across degrees, students pursuing an Additional Major in Economics are typically asked to take additional advanced economics electives.
Additional Major in Economics and Statistics Curriculum
All university students are eligible to pursue a major in economics and statistics in conjunction with a major in any department in the university other than statistics or economics.The requirements for the Additional Major in Economics in Statistics are the same as those for the B.S. in Economics and Statistics, except that the Dietrich College General Education requirements are waived. In order to avoid “double counting” issues, students are encouraged to meet with an economics or statistics advisor. When courses are shared across degrees, students pursuing an Additional Major in Economics and Statistics are typically asked to take additional advanced economics or statistics electives.
Minor in Economics
The Minor in Economics degree program provides students with a solid understanding of economic theory and data analysis.
All university students are eligible to pursue the Minor in Economics in conjunction with a major in any other department in the university. In order to avoid “double counting” issues, students are encouraged to meet with an economics advisor.
Mathematics Requirements (19 Units)
| Units | ||
| 21-120 | Differential and Integral Calculus | 10 |
| 21-256 | Multivariate Analysis | 9 |
Economic Theory Requirements (27 Units)
| Units | ||
| 73-100 | Principles of Economics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
*Some students may choose to focus their minor in microeconomics theory and applications. These student may elect not to take 73-240 Intermediate Macroeconomics, and instead, replace it with an additional advanced economics elective.
Quantitative Analysis Requirements (27 Units)
| Option One | Units | |
| 36-201 | Statistical Reasoning and Practice | 9 |
| or 21-325 | Probability | |
| or 36-207 | Probability and Statistics for Business Applications | |
| or 36-217 | Probability Theory and Random Processes | |
| or 36-220 | Engineering Statistics and Quality Control | |
| or 36-225 | Introduction to Probability Theory | |
| or 70-207 | Probability and Statistics for Business Applications | |
| 36-202 | Statistical Methods | 9 |
| or 36-208 | Regression Analysis | |
| or 70-208 | Regression Analysis | |
| 73-407 | Fundamentals of Statistical Modeling | 9 |
Advanced Economics Electives (18 Units)
Students must take two advanced elective courses. Advanced elective courses are those numbered 73-300 through 73-495, as well as courses designated by the program offered by other departments/programs. Additionally, students may work with their economics advisor to structure alternative sets of courses to meet these requirements based on their particular interests, subject to course availability.
Minor in Innovation, Economics, and Entrepreneurship
Innovation (both technological and social) and entrepreneurship are the catalytic forces behind modern economic growth. Today, both developing and developed countries are looking for ways to promote and sustain growth. This minor builds on study of the behavior of individuals and firms to foster an understanding of how organizations manage innovation and learning, how firms and the market respond to technological change, and how entrepreneurs are able to turn ideas into goods and services and new markets.
All university students are eligible to pursue the Minor in Innovation, Economics, and Entrepreneurship in conjunction with any major in the university. The curriculum consists of six courses (54-57 units) of which five core courses are required and the sixth course (an elective) may be chosen from a list of options from across the University.
In order to avoid “double counting” issues, students are encouraged to meet with an economics advisor.
Mathematics Requirements
| Units | ||
| 21-120 | Differential and Integral Calculus | 10 |
| 21-256 | Multivariate Analysis | 9 |
| or 21-259 | Calculus in Three Dimensions | |
Required Core
| Units | ||
| 70-415 | Introduction to Entrepreneurship | 9 |
| 70-437 | Organizational Learning and Knowledge Management | 9 |
| 70-438 | Commercialization and Innovation | 9 |
| 73-465 | Technology Strategy | 9 |
| 73-407 | Fundamentals of Statistical Modeling | 9 |
Note: Students who have completed 73-363 or 36-401 are exempted from 73-407.
Electives*
| 05-320 | Social Web | 12 |
| 08-533 | Privacy, Policy, Law and Technology | 9 |
| 73-315 | Market Design | 9 |
| 73-440 | Auctions and Markets | 9 |
| 73-474 | The Economics of Ideas: Growth, Innovation and Intellectual Property | 9 |
This is not an exhaustive list of qualifying courses. In particular, the graduate courses from Heinz College, Human Computer Interaction, Information Networking Institute, and Institute for Software Research which are open to the Minor in Innovation, Economics, and Entrepreneurship students are not presented. The complete list of eligible may be found on the Undergraduate Economics Program website.
Academic Standards and Policies
Undergraduate economics students are in the unique position of belonging to two CMU colleges, Marianna Brown Dietrich College of Humanities and Social Sciences and the Tepper School of Business. To find a detailed description of policies governing economics students, please consult the Undergraduate Economics Program's handbook.